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Ultima Networks PLC (UTN)

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Monday 21 February, 2011

Ultima Networks PLC

Directorate Change

RNS Number : 5387B
Ultima Networks PLC
21 February 2011

21 February 2011


Ultima Networks plc

('Ultima' or the 'Company')


Appointment of Executive Director


The Board of Ultima is pleased to announce the appointment of Matteo Turi to its Board as an Executive Director of the Company with effect from 1 April 2011. Matteo will be responsible for the development of the Company's Green Power division and specifically for Ultima's solar power activities in Italy.


Matteo Turi (aged 39) is currently Finance Director at London-based RenGen Energy Group ("RenGen"), a renewable energy fund which sources, develops and finances renewable energy projects. RenGen's interests include equity and debt investments in renewable energy projects in Italy. Matteo joined RenGen in April 2008 where he has been, inter alia, responsible for all financial strategies and planning for RenGen's renewable energy investments. Matteo will initially continue to work with RenGen on a part-time basis.


Prior to joining RenGen, Matteo was European Financial Controller at K2 Partnering Solutions Ltd, a global provider of enterprise software consultants, from May 2007 to April 2008 where his role included business transformation and extensive change management. Previously Matteo was Divisional Financial Controller of Vanco plc, a Pan-European telecoms business, from May 1999 to March 2005 where he helped support the growth of Vanco during this period including the listing in 2001 of the company on the Official List of the London Stock Exchange. After leaving Vanco Matteo worked at International Poster Management, part of the Interpublic Group, as Divisional Financial Controller on a short term project and was Senior Overseas Financial Manager at Moneygram International Ltd where his role covered the integration of a major acquisition. Matteo has been a member of ACCA (the Association of Chartered Certified Accountants) since 2003.


Commenting on the board appointment, Prof. Humayun Mughal, the Company's Chairman and CEO, commented: "On behalf of the Board I would like to welcome Matteo onto the board and into his new role further strengthening our renewable energy capabilities. Matteo joins us with experience in the renewable energy sector at a time when we are looking to build upon our solar power credentials, particularly in Italy. We are confident that his experience will prove to be valuable to the growth of Ultima."


Matteo Turi is, or has been, a director of the following companies in the last 5 years:


Current Directorships/Partnerships:


Directorships/Partnerships within the last 5 years:




Matteo currently has no interest in the share capital of Ultima.


There are no further disclosures to be made in relation to Mr Matteo Turi under Schedule 2 (g) and rule 17 of the AIM Rules for Companies.



Ultima Networks plc

Prof. Humayun Mughal, Chairman and CEO

Tel:  01279 821 200

Allenby Capital Limited

(Nominated Adviser and Broker)

Tel:  +44 (0)203 328 5656

Nick Naylor

Nick Athanas

Alex Price



This information is provided by RNS
The company news service from the London Stock Exchange